A Shield of Protection for your Residential Real Estate Transactions
At Chicago Title, we understand that being able to close your real estate transactions quickly and smoothly is a priority. Regardless of the due diligence conducted, there are significant risks that cannot be completely mitigated. A title insurance policy from Chicago Title streamlines real estate and mortgage transactions and provides comprehensive protection for both you and your client.. Your clients look to you for sound legal advice and support in navigating their real estate transaction needs. Legal professionals across Canada look to Chicago Title to safeguard their most valuable assets with expertise, service and solutions that ensure exceptional closing experiences on every single real estate transaction.
What is Title Insurance
Residential Title Insurance provides coverage for 1-6 family units.
- It is a contract of insurance between the insured and the title insurance company, entered into to indemnify loss or damage resulting from defects or problems relating to the ownership of real property, or from the enforcement of liens that exist against it.
- In return for payment of a one-time premium, the title insurance company agrees to defend the insured from future losses arising because of defects or events that occurred prior to the time the policy was issued.
- The amount of coverage is based on the face value of the policy and may increase according to the terms of the policy.
- Duty to Defend – The Duty to Defend goes beyond the indemnification of the insured when a claim is presented. As the title insurer, we are responsible for any costs, legal and/or notarial fees, and expenses incurred in the defense of an insured risk, including the title itself or the charge against the title
- No Fault Coverage – The Insured is indemnified for losses by the Company regardless of fault in the incident generating losses. By proving their loss, the insured may present a valid claim.
Reasons to Purchase Title Insurance
- Low one time premium
- Eliminates the need for costly off title searches
- Eliminates the need for an up to date Survey/RPR in most circumstances – Title insurance is acceptable to lenders in lieu of their survey / real property report requirements. Available faster and generally less expensive than a new survey, title insurance is becoming the solution of choice for satisfying this lending condition
- Insures over many known defects – Certain defects such as encroachments shown on surveys or prior undischarged mortgages registered against title may be covered by title insurance. These are underwritten on a case-by-case basis. If it is determined that title insurance is available to cover loss from the defect, the transaction can close smoothly and on time
- Remains in force as long as you own your property and can be transferred to a beneficiary in your estate
- Coverage for non-compliance with zoning by-laws and errors in public records
- Coverage for the failure to have obtained a building permit is standard
- 200% inflationary coverage
- Gap Coverage – Allows transactions to close before documents are fully registered at the Land Title Office. By insuring against loss from other interests that may be registered against title before full registration occurs, title insurance provides smooth closings even for last minute transactions
- Duty to defend – an important component of EVERY title insurance policy issued
- Someone refinances a property by forging a signature and using false identification. Funds are taken and the homeowner is left to sort out the repayment of the fraudulent mortgage with the lender.
- Someone transfers title out of the homeowner’s name and mortgages the property without their knowledge. The homeowner must now absorb the financial and emotional distress associated with reclaiming their property.
- The effects of title fraud are serious and lasting. The cost to correct or reclaim title can amount to thousands of dollars in legal fees.
- For a low, one-time premium, a title insurance policy protects the homeowner from fraud and it covers the legal or notarial fees incurred to defend their title if their ownership is challenged.
Key advantages that Chicago Title offers our partners:
- Time Savings – No delay in receiving your title insurance policies even at the busiest time of year;
- Immediate issuance of the final policy. Your title insurance order is a one-touch process so you do not have to follow up with us on any post-closing administration such as a Report on Title, registration particulars or generating a cheque if you have chosen either our credit card or electronic funds transfer (EFT) payment option;
- Electronic document storage for all of your title insurance documents and invoices;
- Flexible accounting tool to simplify the management of your payments;
- 24/7 accessibility and a live chat feature to get your questions answered quickly; and
- Cost Effectiveness – Multiple pricing options that are integrated with our online platform (CTICExpress) or Conveyancing platforms (where applicable) delivering savings that can be passed on to your clients.
- Eliminating the need for many costly off-title
- Searches Eliminating the requirement for an up-to-date survey/RPR in most circumstances Insuring over many unknown defects Reduces risk by providing protection over defects beyond the control of your lawyer or notary
- Our Online Platform (CTIC Express) is not just an order entry system. It is a fully interactive, flexible and easy to use title insurance management system for you and your staff. With many firm-administered functions such as account profile management; document delivery options; invoice tracking and reconciliation; as well as document storage, your relationship with Chicago Title will provide workflow efficiencies that are unmatched in the industry.
- Reduction of closing costs
- Quicker closings
Key advantages that Chicago Title offers your clients:
- Many homeowners are familiar with title insurance but may be uncertain of the importance of this type of protection.
o The security of any investment is of the utmost importance and title insurance is a shield of protection that will give peace of mind. A title insurance policy from Chicago Title is backed by an industry leader with the strongest financial strength in the industry.
- Title insurance serves many purposes such as; protecting against title defects or encumbrances that were unknown and undiscovered at the time of closing reducing the risk of title fraud protection against identity theft and mortgage fraud
- In recent years, title fraud, identity theft and mortgage fraud have been on the rise and have become a significant concern. Instances of title fraud are far more common than you would think.
- The effects of title fraud are serious and lasting. The cost to correct or reclaim your title can amount to thousands of dollars in legal fees and cause signifi¬cant ¬Financial and emotional strain for years.
- Title insurance is available when purchasing a new home, a resale home or at any time during the ownership of a property to safeguard your home.
- Reduction of closing costs
- Quicker closings
Our Residential Title Insurance Solutions
For a low, one-time premium, an Owner’s Title Insurance Policy provides protection for both new and existing homeowners against real estate fraud and title defects. The policy remains in effect for as long as one retains an interest in the land, offering your clients comfort that title is protected now and for years to come.
For a low, one-time premium, a Lender’s Title Insurance Policy provides protection for lenders against real estate fraud and title defects. The policy remains in effect for as long as mortgage is registered on Title.
Transaction Protection Endorsement is an unprecedented coverage that goes beyond traditional title insurance coverage.
The coverage is offered via an Endorsement attached to the Title Insurance Policies and targets documents prepared according to the written instructions given by the client to their lawyer or notary in a residential real estate transaction, for example:
- Miscalculation or omission in a statement of adjustments
- Errors in the documents received from the Municipalities
- Misinterpretation of a document related to the transaction
Added to the title insurance policy, this endorsement protects the insured lender and/or the insured owner.
There are instances where the fine details of a transaction may have gone undetected causing undue pressure to the Lawyer / Notary and losses to their clients.
Tips to ensure a seamless ordering experience
- Ensure that all client and entity names are entered accurately.
- Ensure that all values are inputted accurately in the appropriate fields.
- Ensure you read all of the questions carefully and provide complete details when requested.
- Ensure you only complete the relevant questions and fields for your specific transaction.
Key Documents and Information required when ordering
- Issue on Title
– Copy of the Title
– Explanation of the issue
- Power of Attorney
– Copy of the Power of Attorney
- Private Lender
– Copy of the Title
- Private Sale (No Real Estate Agent)
– Copy of the Agreement of Purchase and Sale
– Copy of the Parcel Register
- New Home from a builder
– Copy of the Title
– Confirmation of an undertaking to readjust for real estate taxes
What your peers are saying about chicago title
Thank you very much Ann-Marie. I am a real estate lawyer and Chicago Title is my first choice for title insurance. Now I can recommend Chicago Title to clients based on first hand experience as an insured policy holder.
In addition I need to take this moment to say that although Shelley and I have endured, to this point, the most disastrous home ownership experience one could imagine, your company has turned out to be our emergency parachute.
If not for our title insurance policy we would undoubtedly have been left with the untenable task and expense of pursuing a law suit across international borders against the previous homeowners.
Yourself as well as all of the other consummate professionals that have toiled on our behalf have earned our most sincere gratitude.
I found your web site very easy to navigate thru, and easy to submit a claim. You were very helpful, and I thoroughly the process was very easy with all your help.
Thank you once again for all your great help on that matter.
Thank you very much for the prompt response to my fencing permit issue. The money arrived prior to me paying the company, much appreciated.
Thank you for the timely processing of the permit fee reimbursements. Being this is our primary residence and living through this process as difficult as it is, is certainly made more manageable by your expedient handling of this matter.
Chicago Title insured a large mortgage secured by commercial condominium units for an important client of our firm. Unfortunately, as a result of fraud, the Borrower went into receivership. During the receivership, a number of priority disputes arose, including the condominium corporation asserting a claim to priority over the insured mortgage for $1.24M of common element arrears despite the fact that the status certificate at closing showed no arrears owing.
Chicago Title was put on notice of the potential claim as soon as the priority disputes arose. Upon being out on notice, Chicago Title was responsive and confirmed coverage very quickly. Chicago Title was very supportive of our client's efforts to obtain an Order from the Court to defeat the priority claims and to ensure that the priority of our client's mortgage was protected.
While no one ever wants to have an insurance claim, Chicago Title dealt with this difficult situation promptly and professionally and provided the necessary support to obtain a great result for our client. I would happily recommend Chicago Title for that reason.
I recommend Chicago Title to all my clients because of their value, exceptional service and excellent customer service.
Chicago Title Insurance is great and reliable. I am so happy that I had the pleasure to use this company as they were able to help me consistently. They are amazing at their job and they know what they are talking about. Thanks Chicago Title Insurance for having such great service. Keep up the great work!
Chicago Title’s claims department is wonderful to work with; specifically, Ann-Marie Peart. She is very thorough and pleasant.
Our claims are always resolved in a timely fashion and our clients are happy with the quick results. I enjoy working with Chicago Title and their claims department.
The claims process at Chicago was clear, direct and easy to use. Response time is superb and the claims process is easy to understand.
As a real estate lawyer for eleven years, it is calming to know that there is a title company who is interested in protecting counsel and will be there when needed. I have been incredibly satisfied with Sarah McDonald and Chicago Title. Sarah’s personal touch, consistent communication with our office, and occasional visits for lunch place her by leaps and bounds (or should I say metes and bounds?... sorry, bad real estate pun) ahead of the competition. She is a credit to her company and we are grateful to be a client of Chicago Title. As a final note, I should also mention that what is most important for a real estate lawyer when there is a “down to the wire” closing is prompt communication from the title company. On the rare occasion when something comes up, our client representative can find an answer from Chicago’s counsel within hours. This is incredibly important to us, and having used other title companies I can say that it is an attribute that the other companies are sorely lacking. We are very happy with the service that we receive from Chicago Title.
My background isn’t real estate law so when I started here this new system of having to order title insurance was both frustrating and intimidating to me.
With real estate we have primarily 3 Title Insurance Companies we can use. I attended a seminar with one of these companies and I still find Chicago to be the best to use.
Chicago makes it easy to use their service. They do not overwhelm people with unnecessary questions, they make the questions simple and easy to understand and easy to find the answers. Anytime I have had a problem or question it was answers for me within a very reasonable time frame.
The people who work at Chicago has always been wonderful to deal with and they go out of their way to resolve any issue I may have. Even if they are unable to provide a solution they always know where to direct me so that I can get the resolution I need.
I think Chicago Title Insurance is by far better than any other title insurance company I have used.
During the purchase of my first home I took out a policy with Chicago Title Insurance Company Canada. Many Months later I unexpectedly had to open a claim due to unforeseeable issues with my home
Thankfully the entire experience from the very first phone call to the last was extremely easy. David my Claims advisor was very easy to get in contact with via email and phone and walked me through the entire process. I am not sure what I would have done without CTIC! I will definitely be recommending them and using them on any other Home purchases!
Ordering Title Insurance from Chicago Title Insurance Company is quick and easy. Akira Baptiste, underwriter at Chicago Title is a big asset for me when closing my Real Estate transactions. She is knowledgeable and quickly responds to my questions in a friendly and professional manner.
It was a pleasure working with you as well – thank you for making my first attempt at ordering title insurance so easy!
I truly appreciate the quick turn around and knowledge that Aldon and the team at CTIC provide us every time we order tax bills, it is such a great program and makes the law firms job that much easier not having to deal with the cities/municipalities directly!
I want to thank you for your hard work on this file. I know it was dumped on you with relatively short notice but you managed to make it happen. The sale is now completed and my clients have also now completed their purchase transaction in Ajax, and are very grateful that things went as smoothly as they did. You have been great to deal with and I really appreciate your efforts in this matter.
I must admit that prior to the online ordering system offered by Chicago Title, I found the ordering process finicky and time consuming. Now, the process is fast and easy and the online system is intuitive and user-friendly. The times that I have had to speak to a representative on the phone, I dealt with friendly and informative staff. Keep up the good work!
I am writing to you today as a means to express my gratitude and appreciation for Sandy De Brum. I am pleased to say that Sandy has helped me immensely with respect to providing policies to our firm, her knowledge and timeliness has been a great help to our firm. She has not only, aided our office in a professional manner but her ability to deal with tough situations in a pleasant and forthright way is appreciated. She has showed a tremendous amount of care towards our staff and we are grateful to, not only be protected on a professional level, but also personally. She is a valuable external partner to our firm. You , as a company, should be proud to have employees like Sandy, who care and is knowledgeable to a degree not normally seen in the real estate practice.
Thank you for all the help today. You answered all my calls, my numerous questions, you took the time to explain the pros and cons and you provided a solution that allowed me proceed with the closing of the purchase transaction. You are always so patient and understanding.
I am very impressed with my CTIC Director’s level of service and responsiveness
I am legal professional and order title insurance policies on regular basis from Chicago Title Insurance Co. I find their rates very competitive and reasonable. Their service is excellent and I get policies issued on time even on short notice from Isebastiano & Malvin Singh. Customer service is excellent especially I would appreciate Mr.Jeff Hartigan, Regional Manager, who is always helpful and would often enquire from me regarding any issues or problems in getting issued policies. I am very satisfied with regard to service provided by Chicago Title Insurance Co.
Chicago Title provides an exceptionally rapid ordering service and dedicated professionals who solve problems quickly and efficiently.
Chicago Titles ordering process is easy and quick and the policies are a great value for our clients. The response time from the underwriters are fast and make my closings a smooth process.
We have found Chicago Title easy to deal with. Their representatives give a personal touch with an interest in our firm. Inquires have been quickly dealt with, as well as claims. Highly recommended.
NO QUESTIONS, NO COMPLAINTS!! I just wanted to tell you that you folks are THE BEST!I was in a panic to get title insurance for a quick closing, and you were lightening quick! Thank you so much!
Wow... That was incredibly quick. We were using the competition in the past and this is the 2nd policy we are ordering through Chicago Title. I cannot even begin to tell you how impressed I am with the speed of your responses and review. If I have a file "flagged" with the competition I can count on at minimum a 1-2 day delay in the issue of the policy. I advised the lawyer, Doug of the amazing level of service we received and he felt strongly that we have made an excellent choice in switching over to your company!” Your service is outstanding! Thank you so much! Hope you have a wonderful day!
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